Illinois Housing Market
Housing markets are very localized. A trend seen across the country may be reduced in the local market, not seen at all, or may even be reversed in some cases.
Understanding your local market(s) can help you tremendously with your home search.
What we're seeing across the nation, and across Illinois, is that homes are selling fast, for close to list price and that sales prices are going up, month after month.
There are less homes on the market than the buyer demand warrants and unless more homes come on the market, we'll continue to see a Seller's Market, with multiple offer situations common in a lot of home sales (almost half).
If we look at the Housing Market in the Chicago Suburbs, we see the same pattern as we are seeing in Illinois and across the nation.
If you are looking for a home in the Chicago Suburbs, get in to see any potential homes as soon as possible, and if you like the home, put in the offer as quickly as possible, and make it as strong as possible.
This doesn't just apply to homes that are new on the market. It also applies to homes that have had a recent price change, or which have just come back on the market after a home sale fell through.
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The charts above show what the market across the whole of Illinois looks like.
Let's take a quick look at market data for some of the largest cities in my area, to see what the housing market looks like once we get more local.
It's a Seller's Market in most Towns
The Price per Sq. Ft. of Homes is Increasing across Illinois
Homes are selling for just below List Price
Some Homes are selling for higher than List Price
Check out the video below!
Redfin Listings in the Southwest Suburbs
[showcaseidx_hotsheet name="Redfin Listings in the Southwest Suburbs"]